New Funds Tracking Beijing Stock Exchange Miss Fundraising Targets

The first eight index funds tracking the Beijing Stock Exchange raised 2.94 billion yuan ($422 million), falling well short of their own goals amid lackluster investor sentiment for the nascent bourse focusing on small and midsize enterprises.

The funds were set up to mirror the BSE 50 Index, the first metric for the performance of the exchange. Sponsors of the funds are China Asset Management, E Fund Management, Fullgoal Fund Management, Harvest Fund Management, China Universal Asset Management, GF Fund Management, China Merchants Fund Management and China Southern Asset Management.